League One Side Carlisle United Posts $1.1M In Losses After 'Difficult Year'
League One side Carlisle United has posted losses of more than £660,000 ($1.1M) in its "latest set of accounts," according to FC BUSINESS. It has been a "difficult year for the club both on and off the field." The struggles on the field "have brought an equal and direct effect on the club’s business," with turnover decreasing from £4.33M ($7M) to £3.54M ($5.7M) -- a reduction of £780,000 ($1.26M). The operating loss seen in '11-12 of £124,329 has increased to a trading loss of £492,464 for '12-13. The company is posting a total loss of £666,257 after "amortisation and depreciation" for the year '12-13. This has led to a "decrease in net assets" from £3.12M ($5M) to £2.45M ($4M) on June 30, prompting the "need to introduce funds from some of the directors during the year to maintain the cash flow and continue operations" (FC BUSINESS, 10/28).